Private sector lender Kotak Mahindra Bank on Monday reported 32 per cent jump in its profit after tax for the April to June quarter to Rs 1,642 crore from Rs 1,244 crore in the same period of last year.
Net interest income increased by 6 per cent to Rs 3,942 crore in Q1 FY22 from Rs 3,724 crore in Q1 FY21. Net interest margin for Q1 FY22 was at 4.6 per cent.
Operating profit for Q1FY22 was Rs 3,121 crore, up 19 per cent from Rs 2,624 crore, while CASA ratio as at June 30 stood at 60.2 per cent compared to 56.7 per cent last year.
Average current account deposits grew by 28 per cent to Rs 46,341 crore for Q1 FY22 compared to Rs 36,066 crore for Q1 FY21. Average savings deposits grew by 10 per cent to Rs 116 lakh crore for Q1 FY22 compared to Rs 105 lakh crore for Q1 FY21.
Average term-deposit sweep grew by 24 per cent to Rs 22,208 crore for compared to Rs 17,846 crore for Q1 FY21.
CASA and term deposits below Rs 5 crore as at June 30 constituted 92 per cent of total deposits (90 per cent as at June 30 last year).
Customer assets (advances and credit substitutes) were Rs 2.35 lakh crore in Q1 FY22 compared to Rs 2.16 lakh crore in Q1 FY21. Advances were Rs 2.17 lakh crore compared to Rs 2.03 lakh crore as at June 30 last year.
Covid-related provisions as at June 30 were maintained at Rs 1,279 crore. In accordance with the Resolution Framework for Covid-19 and MSME announced by the Reserve Bank of India, Kotak Mahindra Bank said it has implemented total restructuring of Rs 552 crore so far.
As at June 30, gross non-performing assets were 3.56 per cent and net non-performing assets were 1.28 per cent. Credit cost on advances was 133 basis points (annualied) for Q1 FY22.
Capital adequacy ratio of the bank as per Basel III was 23.1 per cent and tier I ratio was 22.2 per cent.
( With inputs from ANI )
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